October 3, 2020
3 MINUTE READ
Greetings, Californiacs! We’re back, trying our best to bring clarity and hope to those buying or selling a home in these tumultuous times.
Some encouraging news: a new CA law makes it easier for families to buy foreclosed homes before corporations buy them in bulk. Plus, are you thinking about how the elections will impact the real estate market? Us too. So, with no further ado:
What’s this all about?
Designed to keep corporations from snapping up homes (and then letting some fall into disrepair, as we saw during the last recession), Governor Newsom’s new measure aims to give regular folks the first crack at newly-foreclosed California homes. Taking effect Jan 1, it will allow tenants, families, local governments, housing nonprofits and community trusts 45 days to beat the best auction bid to buy the property.
What it means
This is one of the outcomes from the Moms 4 Housing movement that started last year in Oakland. Democratic Sen. Nancy Skinner of Berkeley, sponsor of the measure, says it gives people who want to live in a house a fair shot at buying it. We couldn’t agree more.
What’s this all about?
With 2020 falling far outside of the norm, it’s a given that most of the real estate transaction trends and patterns aren’t really that reliable this year. COVID hit just as the spring home buying season began, severely impacting the nation’s housing market. 2020 has been difficult to predict, but some patterns have emerged in our state.
Tell me more
Hovering around 3%, mortgage rates have never been lower. Home buyers are on the move – leaving cities for the suburbs. Sellers are staying put but refinancing and beginning to test the waters by listing their homes for sale.
Despite research on previous election cycles and real estate showing that homes sales do slow down, California real estate is surging with the median home price breaking $700,000 in August (up from $666,320 in July). We just need to wait and see how the COVID recovery and the election results combine at the 2020-2021 junction.
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OK gang, that’s the roundup. See you all next Thursday! ✌️